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18/10/2022 8:54 pm
So got a text this month from my trust deed provider. They stuck my payments up by 52 pound a month. I called them as 1) my 6 years was up in September, and 2) they increased payment without telling me.
They answered by saying, there is still three payments left, at this new increase fee, due to a covid payment my employer made to me back in 2020. I was like, no... when they did my 2020 review, I disputed there assessment as yes I was giving an upfront payment of 2k, but... that was because all the overtime etc that was promised was cancelled. They agreed in 2020 to put the fee back to the original level. If they hadn't, I would have just paid the payment direct to them. In any case, fine. Seem like a pain in the ring way of doing it but OK. However, when I then asked about being discharged, I was told after my final payment (now in December) that they will need to ask my creditors for permission to discharge me. Eh, really... and apparently this can take 6 months :0 and then he said they might have to revalue my house and ask for equity. I'm ready to loose my head here, because I went on a six year plan to exclude any future equity gains. Can they really just change the goal posts like this?
19/10/2022 11:37 am
Hi TD2016. I can see why this must be annoying for you. I'm not sure I understand what the resolution was to the issue with the covid payment back in 2020, but your Trustee shouldn't be changing the goalposts if it was agreed that no further payments would be required in respect of that. Did you get anything in writing from them confirming what was agreed at that point?
What you were told about your discharge is incorrect - the Trustee decides whether you should be discharged or not and it can be done very quickly once you have met all of your obligations under the Trust Deed. It takes longer for your Trustee to get their discharge, so maybe the person you were speaking to confused the two?
Also, in terms of equity, as long as you have paid what was agreed at the start of your Trust Deed (on the Form 1B) then the Trustee cannot revalue your home and seek anything more - it is a legally-binding agreement on both you and your Trustee.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
18/01/2023 4:14 pm
Hiya, sorry I've been unable to get back into my original account for some reason. Yeah, they sent me my discharge Form5 fairly quickly after my last payment. And I assume I was speaking to someone new etc as its all went really smoothly. I have opened a new thread about my credit file, not sure if you could help though. Basically, my TD dropped off in Sept22 but has reappeared showing as discharged. Surely it should just remain off? I've disputed the data but... looks like I'm still having to wait to rebuild.
